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PHL vehicle sales growth slows in March

Vehicles are stuck in traffic along Roxas Boulevard in Manila. -- Photo by Edd Gumban, The Philippine Star

By Justine Irish D. Tabile, Reporter

PHILIPPINE AUTOMOTIVE sales rose by 1.6% to 37,474 units in March, the slowest in over two years amid elevated interest rates, an industry report showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that car sales went up from 36,880 units a year earlier.

This was the slowest sales growth since the 7.3% decline in February 2022.

Month on month, sales declined by 1.6% from 38,072 units in February.

Commercial vehicles continued to drive the industry’s performance in March, as sales went up by 2% to 27,347 units from a year earlier. They accounted for 73% of the total sales.

However, sales of commercial vehicles declined by 3.8% from a month earlier.

Asian utility vehicle (AUV) sales rose by 23.4% to 6,421, the only commercial vehicle segment that posted annual growth. Month on month, AUV sales inched up by 1%.

Light commercial vehicle sales slipped by 2.6% to 20,101, while sales of light trucks fell by 1.3% to 447. Sales of medium trucks dropped by 17.8% to 333 units, while heavy truck sales plunged by 61.5% to 45.

Month on month sales of light commercial vehicles, light and heavy trucks also fell by 5.3%, 13.4% and 26.2%, respectively.

On the other hand, sales of medium trucks grew by 27.6% month on month.

In March, passenger car sales inched up by 0.7% to 10,127 units from a year ago. Month on month, sales of passenger cars went up by 5.1%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the slower year-on-year growth was due to higher base effects.

“The slower year-on-year growth in vehicle sales at low single-digit levels was due to higher base or denominator effects,” Mr. Ricafort said.

“Higher inflation and interest rates that increased borrowing and financing costs, including for auto loans, also started to slow demand,” he added.

The Bangko Sentral ng Pilipinas (BSP) has kept its benchmark rate steady at a near 17-year high of 6.5% since October 2023 to tame inflation.

Inflation accelerated to 3.7% in March from 3.4% in February.

Q1 SALES UP BY 13%

For the first quarter, vehicle sales grew by 12.7% year on year to 109,606 units.

Commercial vehicle sales rose by 12.2% to 81,395, while passenger car sales jumped by 14% to 28,211 in the January-to-March period.

“Year-to-date sales performance was driven by sustained demand for new vehicles, supported by overall supply improvement,” CAMPI President Rommel R. Gutierrez said in a statement.

“Our first-quarter performance keeps us on track to achieve our 2024 target,” he added.

For 2024, CAMPI gave a conservative sales forecast of 468,300 units. However, the group expects sales to reach 500,000 as the ninth Philippine International Motor Show is held in the second half.

As of end-March, Toyota Motor Philippines Corp. remained the market leader with a 45.3% share as its sales rose by 9.9% to 49,667 units.

Mitsubishi Motors Philippines Corp. ranked second with a market share of 19%, as it posted a 17.5% increase in sales to 20,867 units in January to March.

In third spot was Nissan Philippines, Inc., whose sales increased by 23.7% to 7,909 units.

Rounding out the top five were Ford Motor Co. Phils., Inc., which saw a 27.8% increase to 7,531 units, and Suzuki Phils., Inc., whose sales declined by 1.9% to 4,395 units.

Mr. Ricafort said the double-digit sales growth in the first-quarter sales is “a good signal for the further recovery of the Philippine economy, as well as the country’s favorable demographics.”

“In recent months, the Philippines has had one of the highest growth rates for both vehicle sales and vehicle production in ASEAN (Association of Southeast Asian Nations), consistent with the fact that the country has one of the fastest economic growth in ASEAN,” he added.

Data from the ASEAN Automotive Federation showed that Philippine motor vehicle output grew by 20.9% to 22,379 units in the January-to-February period from 18,510 last year. It was the second-fastest growth and faster than the 11.2% contraction in the region.

PEZA approves P15-B investments in April

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE Economic Zone Authority (PEZA) approved 23 projects worth P15 billion, mostly in manufacturing, at its board meeting last week, its top official said.

Of the 23 projects, eight were in manufacturing while six were in information technology and business process management (IT-BPM).

The board also greenlit six economic zone (ecozone) development projects, two facilities and one logistics project.

PEZA Director-General Tereso O. Panga told reporters that the investment approvals were lower than in April 2023, when the agency greenlit P20.56 billion worth of investments from 15 new and expansion projects.

“In April this year, we only had one board meeting. So, it’s difficult to compare that,” Mr. Panga told reporters on the sidelines of an international forum on Monday.

PEZA said the new and expansion projects are mostly in the National Capital Region. Other projects are in Calabarzon, Central Luzon, Bicol, Central Visayas and Davao regions.

The approved investments are expected to generate $69.78 million worth of exports and create 3,254 jobs.

For the January-to-April 19 period, PEZA approved 73 new and expansion projects worth P30 billion. These projects are projected to generate $1.09 billion in exports and create 14,812 direct jobs.

“This is still way below our target of P250 billion this year. So, we’re hoping that in the next board meetings, more applications will be filed with PEZA,” Mr. Panga said.

PEZA estimates total investment approvals to reach between P200 billion and P250 billion this year. This will be at least a 15% growth from the P175.71 billion worth of investments approved in 2023.

Approved investments in the January-to-April period were in export manufacturing, IT-BPM, facilities, logistics, domestic market and ecozone development industries.

These projects are mostly in Luzon, particularly Calabarzon, Metro Manila, Bicol and Central Luzon, while some are in Cebu, Davao and Cagayan de Oro. — Justine Irish D. Tabile

Inflation uptick unlikely in April, says NEDA official

A rice field is seen in Bustos, Bulacan in this file photo. -- Photo by KJ ROSALES, The Philippine Star

HEADLINE INFLATION is unlikely to accelerate in April amid the harvest season, although risks from the El Niño dry spell remain, a National Economic and Development Authority (NEDA) official said on Monday.

“We’re hoping that it (inflation) will be good because we’re already harvesting,” NEDA Undersecretary Rosemarie G. Edillon told reporters on the sidelines of a forum.

The dry harvest season for rice started last month and will last until end-April.

Inflation accelerated for the second straight month in March to 3.7%, as prices of food products continued to rise. In particular, rice inflation quickened to 24.4% in March, the highest since 24.6% in February 2009.

The statistics agency will release April inflation data on May 7.

“Of course, we are concerned that many areas are still experiencing this intense heat, but with respect to our farming sector, a lot of them were able to do advance planting,” Ms. Edillon said in mixed English and Filipino.

Agricultural output is being affected by the dry spell and drought caused by El Niño. Latest data from the Agriculture department showed that agricultural damage due to El Niño has reached P3.94 billion, with rice accounting for more than half of the total damage.

While the dry spell is a “concern,” Ms. Edillon said the harvest would still be enough to meet the country’s demand.

The El Niño dry spell would likely persist until May, but the Philippines would still feel its impact until August, the Department of Science and Technology said last month.

Meanwhile, the NEDA is cool to a proposal to remove the minimum access volume (MAV) system.

“The MAV is actually a WTO (World Trade Organization) commitment, and yes, we can actually move towards removing it, but that might reduce our flexibility later on if we need to reimpose it, and this would be anti-WTO,” Ms. Edillon said. “So, we can adjust as necessary.”

Monetary Board Member V. Bruce J. Tolentino earlier proposed the removal of the MAV system, saying the allocation process is vulnerable to corruption.

The MAV allows trading partners guaranteed market access subject to volume quotas. It is a feature of the WTO trading system.

“The fundamental rationale underlying the MAV is the global commitment to more open and less restrictive trade. So, by adopting a lower and more uniform tariff structure plus eliminating the MAV system, we are fulfilling our WTO commitment,” Mr. Tolentino said in a Viber message.

The reimposition of MAV is “backtracking on our overall goal of trade opening coupled with enhanced food security and farm competitiveness,” he added.

In December, the government extended the lowered tariff regime on pork, rice and corn until end-December through Executive Order (EO) No. 50.

EO 50 kept tariff rates for corn at 5% for shipments within the quota and 15% for those exceeding it, while pork was kept at 15% for in-quota and 25% for out-of-quota shipments. The tariff on rice stands at 35%, re-gardless of its country of origin. — Beatriz Marie D. Cruz

Philippines’ January external debt service more than doubles

REUTERS

THE PHILIPPINES’ external debt payments more than doubled in January as principal payments surged, central bank data showed.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s external debt service burden soared by 110% to $1.729 billion from $823 million a year ago.

The debt service burden refers to the amount of money a country needs to pay back its foreign creditors.

Principal payments ballooned more than four times to $1.052 billion from $259 million a year earlier.

Interest payments jumped by 20% to $676 million from $564 million a year ago.

As of end-2023, the debt service burden was equivalent to 3.4% of gross domestic product (GDP), up from 2.1% in 2022.

Earlier data from the BSP showed that the country’s outstanding external debt rose to a record $125.4 billion at the end of 2023, higher by 12.7% from $111.3 billion a year earlier.

The external debt-to-GDP ratio stood at 28.7% in 2023. This was higher than 27.5% in the previous year.

“Most of the new global debt issuance in recent years took place in the first month of the year,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

In January 2023, the Philippines raised $3 billion from its US dollar bond issuance, the second global bond offering under the Marcos administration.

“Higher inflation and interest rates, especially since 2022, that increased borrowing costs also contributed to the increase in external debt servicing costs,” Mr. Ricafort said.

The BSP kept its benchmark rate steady at a near 17-year high of 6.5% for a fourth straight meeting in April. The central bank raised borrowing costs by 450 basis points from May 2022 to October 2023 to tame inflation.

Inflation accelerated for the first time in five months to 3.4% in February from 2.8% in January. The central bank expects inflation to average 3.8% this year.

“Higher external debt servicing costs in recent months could be attributed to larger budget deficits and foreign borrowings, both commercial and multilateral sources, since the COVID-19 pandemic, as some of these foreign loans mature and also led to higher foreign interest rate costs in recent years,” Mr. Ricafort added.

The National Government borrows from foreign and domestic creditors to finance the budget gap.

The Development Budget Coordination Committee recently revised the budget deficit ceiling this year to P1.48 trillion, equivalent to 5.6% of GDP. This is slightly higher than the previous P1.39-trillion ceiling, equivalent to 5.1% of GDP. — Luisa Maria Jacinta C. Jocson

Aboitiz InfraCapital budgets P26B for projects this year

ABOITIZ InfraCapital, Inc. announced on Monday that it is setting aside P26 billion for its capital expenditure (capex) budget this year to fund the company’s economic estate development and other expansion projects.

These funds will be used for the company’s economic estate development and other expansion projects, said Jose Emmanuel U. Hilado, chief financial officer of Aboitiz Equity Ventures, Inc., the parent company of Aboitiz InfraCapital, during a virtual press briefing.

The company is targeting to launch its fourth economic estate in Tarlac next month.

The 200-hectare project was driven by the company’s optimism in Central Luzon’s potential, said Cosette V. Canilao, president and chief executive officer of Aboitiz InfraCapital.

She cited the major expressways in the area, including the Subic-Clark-Tarlac Expressway, North Luzon Expressway, Tarlac-Pangasinan-La Union Expressway, and the Central Luzon Link Expressway.

The company is also working to expand its other existing economic estates, such as the 540-hectare mixed-use West Cebu Estate in Balamban and the 794-hectare LIMA Estate.

The remainder of Aboitiz InfraCapital’s capex is earmarked for tower acquisitions and regional airports.

“We are always on the lookout to acquire towers that are strategic to what we have right now. Strategic in terms of co-location potentials, and at the same time, strategic with respect to where most of our towers are located,” Ms. Canilao said, adding that the company is also looking into rehabilitating and building new towers.

The company also aims to complete tower acquisitions from Globe Telecom, Inc. in the first semester, through Unity Digital Infrastructure, Inc.

Unity Infrastructure is a joint venture telecommunications infrastructure platform of Aboitiz InfraCapital, Inc. and the global private markets firm Partner Group.

The company is keen on developing more regional airports aside from the ones for which it has currently secured original proponent status (OPS).

It has secured OPS for the operations, maintenance, and development of the New Bohol-Panglao International Airport and Laguindingan International Airport.

The Department of Transportation recently opened the Swiss Challenge for Laguindingan International Airport in Mindanao, while the DoTr may invite bidders to challenge the company’s bid for the Bohol airport next month.

The company is also part of the Aboitiz InfraCapital GMCAC or the GMR Megawide Cebu Airport Corp., which manages the Mactan-Cebu International Airport.

“For Mactan, we’re not allocating any capex for that one because it’s already self-sustaining. But we do have some ongoing projects to improve passenger experience, to reduce carbon footprint, and to make the airport more efficient and more entertaining for our passengers,” Ms. Canilao said.

ABOITIZ EQUITY VENTURES

Meanwhile, Aboitiz Equity Ventures, Inc. (AEV) announced its objective to derive 50% of its earnings before interest, taxes, depreciation, and amortization (EBITDA) from its non-power business.

“Our objective is to have at least 50% of our EBITDA coming from the non-power business. It’s easier said than done considering that our power business also continues to grow,” AEV Chief Financial Officer Jose Emmanuel U. Hilado said.

“The consumer market is where we see more opportunities simply because we have a young population and strong consumer consumption. This will continue to anchor our economic growth in the Philippines,” he added.

AEV’s power segment led by Aboitiz Power Corp. accounted for 67% of the conglomerate’s P23.5 billion net income last year.

The conglomerate earmarked P153 billion for its capex budget this year to expand its renewable energy portfolio and other businesses.

Mr. Hilado added that AEV is poised to sustain its growth this year led by the recent acquisition of domestic bottler of Coca-Cola products, Coca Cola Beverages Philippines, Inc. (CCBPI). The deal was completed on Feb. 23.

“We are confident that 2024 will see positive growth as we integrate our acquisitions like Citi’s consumer business, Mactan Airport, and CCBPI,” he said.

“I cannot identify a specific asset (to acquire) at this point but suffice it to say that as part of our diversification strategy, we will continue to pursue opportunities as they come,” he added.

The joint acquisition involving AEV and Coca-Cola Europacific Partners Plc. (CCEP) is valued at $1.8 billion. AEV has 40% stake in CCBPI, while the remaining 60% stake is held by CCEP.

“For the internal synergies between CCBPI and AEV, the most obvious is the ability to provide financing facilities to distributors of CCBPI through Unionbank. This allows them to access lower financing cost, therefore the ability to expand their inventory and distribution capabilities,” he said.

Pilmico and Gold Coin Group President Tristan Aboitiz said that the AEV’s food group is optimistic on the medium to longer term future of its swine farms business despite risks such as the effect of African Swine Fever (ASF).

“The outlook for the swine industry continues to be challenging because of ASF. It continues to have an impact on key swine producing markets like the Philippines, Vietnam, and China. I think we remain optimistic about the medium to longer term future in this area. I believe that we’re taking the steps necessary to prepare us for the challenges,” he said.

“I think as we move forward, we’ll take a more measured approach to growing our swine farms business,” he added.

Meanwhile, Aboitiz Land, Inc. President and Chief Executive Officer David Rafael said the company is cautiously optimistic of the country’s property market because of surging demand despite geopolitical tensions.

“We will continue to take advantage of the opportunities are seeing. We have nine ongoing projects. We have three in the North Luzon area. We have two in the south Luzon area, and we have four in Cebu. They’re all ongoing projects. We’re just going to continue developing those properties,” he said.

“I think there are a lot of good things going on right now in the industry. We continue to see very good growth, particularly in the areas outside of Metro Manila. Of course, we still have all these geopolitical tension. I guess we all have to deal with that. So overall, I think the pluses outweigh the minuses,” he added. — Ashley Erika O. Jose and Revin Mikhael D. Ochave

PSE eyeing to finish PDS takeover this year

THE Philippine Stock Exchange (PSE) said it is hoping to finalize the planned takeover of the Philippine Dealing System Holdings Corp. (PDS) within the year.

“I hope it could be closed by this year. This is not complicated. We will only talk to a few shareholders,” PSE President and Chief Executive Officer Ramon S. Monzon told reporters during a GCash media event last week.

The PSE is eyeing to acquire up to 100% of the PDS, the operator of the Philippine Dealing & Exchange Corp. (PDEx) that caters to the fixed-income market.

However, Mr. Monzon said that negotiations have not started because the power of attorney of the Bankers Association of the Philippines (BAP) has expired.

“The BAP is currently renewing that with the banks. Until that happens, I don’t want to talk to 24 different sectors. So we’re waiting for that. Everybody is doing their due diligence work now,” he said.

The PSE has a 20.98% stake of the issued and outstanding capital stock of the PDS Group.

Some of the other PDS shareholders include Singapore Exchange Ltd. (20% share), Whistler Technologies Services Inc. (8% share), Tata Consultancy Services Asia (8%), San Miguel Corp. (4%), Financial Executives Institute of the Philippines Research and Development Foundation (3.08%), and Social Security System (1.54%).

Meanwhile, Mr. Monzon said the PSE could secure a loan for the planned acquisition.

“We have some funds for that. I think we’ll have to probably take out a loan, depending on what the final price is,” he said.

In December last year, the Securities and Exchange Commission (SEC) granted the application of the PSE for exemptive relief, allowing it to exceed the mandatory ownership in PDS.

This means that the PSE is now allowed to exceed the mandatory limit of 20% on ownership and voting rights in an exchange, permitting it to own up to 100% of PDS, subject still to certain conditions.

The SEC’s move allows unified or integrated local bourses, referring to a financial market where assets like stocks and bonds are traded under a single entity as part of developing the country’s capital market.

Under the Securities Regulation Code, no industry or business group may beneficially own or control, directly or indirectly, more than 20% of the voting rights of the exchange.

In 2017, the PSE almost completed its takeover of PDS. However, the SEC blocked the transaction as it would breach the individual ownership limit provided under the law. — Revin Mikhael D. Ochave

Gov’t fully awards T-bills at slightly higher rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday at higher rates due to inflationary pressures from elevated global oil prices recently and a weaker peso.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Monday as total bids reached P44.84 billion or nearly thrice the amount on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P13.1 billion. The three-month paper was quoted at an average rate of 5.888%, 1.8 basis points (bps) higher than the 5.87% seen last week. Accepted rates ranged from 5.845% to 5.92%.

The government likewise made a full P5-billion award of the 182-day securities, with bids reaching P15.98 billion. The average rate for the six-month T-bill stood at 6.002%, up by 2.9 bps from the 5.973% fetched last week, with accepted rates at 5.985% to 6.002%.

Lastly, the Treasury raised P5 billion as planned via the 364-day debt papers as demand for the tenor totaled P15.76 billion. The average rate of the one-year debt went up by 3.6 bps to 6.08% from the 6.044% quoted last week. Accepted yields were from 6.055% to 6.09%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.8663%, 5.9804%, and 6.0344%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

“The awarded T-bill rates today reflected renewed domestic inflationary concerns emanating from the spike in global crude oil prices and the sudden depreciation of the local currency last week,” a trader said in an e-mail on Monday.

Headline inflation picked up to 3.7% year on year in March from 3.4% in February. This was slower than the 7.6% clip in the same month last year and marked the fourth straight month that the consumer price index (CPI) was within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% annual target.

For the first quarter, headline inflation averaged 3.3%, below the BSP’s baseline forecast of 3.8% and risk-adjusted forecast of 4%.

Meanwhile, on Monday, crude oil prices declined as the potential for a major supply disruption waned as fears of a wider Middle East conflict ebbed, Reuters reported.

Iran said on Friday that it had no plan to retaliate following an apparent Israeli drone attack within its borders, which in turn followed an unprecedented Iranian missile and drone attack on Israel days before.

With a rise in US stockpiles as the backdrop, Brent futures fell 67 cents or 0.77% to $86.62 a barrel. The front-month US West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 63 cents, or 0.76%, to $82.51 a barrel, while the more active June contract dropped 64 cents to $81.58 a barrel.

Brent crude futures briefly topped $92 a barrel last week, the highest since October.

On the other hand, the peso closed at P57.65 per dollar on Friday, depreciating by 46 centavos from its P57.19 finish on Thursday and marking its worst finish since November 2022.

Year to date, the local unit has depreciated by P2.28 from its P55.37 close on Dec. 29, 2023.

T-bill rates rose for the third straight week on Monday due to hawkish signals from the US Federal Reserve and the BSP, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last week said they could begin their easing cycle in early 2025 if price risks persist, but they could still cut rates by 25 bps in the third quarter if inflation is within target and economic growth is weak.

The Monetary Board kept its target reverse repurchase rate unchanged at a near 17-year high of 6.5% this month. It hiked borrowing costs by 450 bps from May 2022 to October 2023 to help bring down elevated inflation.

Meanwhile, in the US, more robust US economic data spurred additional Federal Reserve officials to signal no rush to lower interest rates, Reuters reported.

According to a majority of 100 economists polled by Reuters, the Fed will wait until September to cut its key rate, with half of the respondents saying there will be only two cuts this year.

The US central bank last month kept its target rate at the 5.25%-5.5% range for a fifth straight meeting following cumulative hikes worth 525 bps from March 2022 to July 2023.

On Tuesday, the BTr will offer P30 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of 19 years and 10 months.

The Treasury is looking to raise P195 billion from the domestic market this month or P75 billion from T-bills and P120 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at 5.6% of gross domestic product this year. — A.M.C. Sy with Reuters

1970s Korean crime drama gets prequel

Retro series premieres on Disney+

IN THE 1950s, repeatedly defying the military government of South Korea would be enough to get one branded as a rebel. Detective Park Yeonghan (played by Lee Jehoon) does this, and he is punished by being assigned to the thankless task of removing homeless people off the streets of Seoul.

However, this fate is short-lived when Yeonghan and his team must reawaken their passions to catch a dangerous killer on the loose. At his side is his crime-fighting partner, detective Kim Sangsun (played by Lee Donghwi), known as the temperamental “mad dog” of the homicide team.

Chief Detective 1958 is a prequel to the widely loved 1970s and ’80s crime drama Chief Inspector, which first introduced the popular Detective Park to the Korean national consciousness. In the original 880-episode series, he was played by veteran actor Choi Bool-am.

The new prequel premiered on April 19 on Disney+, with a total of 12 episodes.

Joining Lee Jehoon and Lee Donghwi in the cast are Choi Woo-sung as the wealthy and polite detective Jo Gyeong-hwan, and Yoon Hyun-soo as the younger Seo Ho-jeong who dreams of becoming a master investigator. The two newbies complete the four-person homicide detective team.

Set 10 years before the original series to explain the histories of the four memorable characters, Chief Detective 1958 aims to bridge Korea’s old and new generations, according to director Kim Sunghoon.

“The team led by Inspector Park is a team we wished actually existed back in the day, almost like a superhero group. What makes this series different from Western shows is that we ask whether they were born heroes and where their motivation to uphold justice comes from,” Mr. Kim said at a press conference on April 18 that was livestreamed and translated online from Seoul.

He added that the late 1950s setting also required much research, since it was a postwar time with many economic difficulties that Koreans today only learn about through textbooks.

“It’s [set at] a time that’s slowly becoming modern but still feels very old. It’s a mix of remnants from the Josen dynasty, like traditional Korean headwear, but with modern items and clothes. We tried to capture that mix of old and new,” said Mr. Kim.

For Lee Jehoon, who has had experience with the Korean crime genre before through movies and shows like Taxi Driver and Signal, his approach to this new series was far different from any of his previous projects.

“When we were doing the table read, I met with Mr. Choi Bool-am for the first time. He told me that Detective Park is a guy who has a lot of rage inside because he wants to take on all the bad guys and protect the weak. We talked a lot about the humanistic aspects of Detective Park,” he said.

Lee Donghwi, as the impulsive sidekick, saw his lead co-star as a reliable man to work with, much like their own characters in the show.

“I don’t have memories about the original drama because I was so little, but I’ve watched a lot of clips on YouTube. I thought it was such a cool show because it’s so refined and their charisma oozes out of the screen. I hope we were able to capture that,” he said.

Meanwhile, Mr. Kim said that, as one of the showrunners, it was hard to pinpoint which would be the perfect year to set the prequel in. Eventually, 1958 was chosen since “there was a lot of social unrest” that could help show Detective Park’s younger mindset.

“We tried to move it to the ’60s to add things to the show, but it didn’t work out. For this to be a prequel to capture the youth of the detective team, we decided the late ’50s was the time to do it,” he said.

Fans of the original series may notice how Detective Park is less controlled and more emotional than they remember — a purposeful portrayal on Lee Jehoon’s part.

“Mr. Choi played Park Yeonghan as an experienced, competent detective, but I’m playing him when he was just getting started. I thought that he should have personal growth, from being rash, passionate, and full of grit, some-one you’ll want to root for in the long run,” he said.

Chief Detective 1958 is out now on Disney+. — Brontë H. Lacsamana

DragonFi Securities unveils new mobile investing app

DDMPREIT.COM

DOUBLEDRAGON Corp.’s (DD) stock brokerage arm DragonFi Securities, Inc. introduced its new mobile investing application DragonFi 2.0 on Monday.

The app allows users to manage a diverse investment portfolio ranging from Philippine stocks to global funds under a single platform, the brokerage said in an e-mailed statement.

The mobile app also lets users connect with leading financial literacy creators through its creators’ circle, as well as access to news, disclosures, and data.

DragonFi 2.0 also has an investing club that allows users to follow the stock brokerage’s research team and learn how to manage a dividend growth portfolio.

“Introducing a new mobile app goes beyond business for us; it’s about contributing to a financially literate, empowered, and independent society,” DragonFi Co-Founder and DD Chairman Edgar “Injap” J. Sia II said.

DragonFi Chief Executive Officer Jon Carlo Lim said the app supports the company’s efforts to democratize investing in the Philippines.

Meanwhile, DragonFi Chief Technology Officer Cathryn Ann Lao said the app offers an investing experience tailored to the preferences and behaviors of its users.

“From biometrics authentication to an intuitive design, our technology is what sets us apart. It’s what makes investing with DragonFi not just safer and smarter, but also a seamless part of the daily lives of our users,” he said.

DragonFi 2.0 is available for download on the Apple App and Google Play stores.

On Monday, DD shares rose by 0.38% or three centavos to P8 apiece. — Revin Mikhael D. Ochave

PSE approves UnionBank’s P10-B stock rights offering

BW FILE PHOTO

THE PHILIPPINE Stock Exchange (PSE) has approved Union Bank of the Philippines, Inc.’s (UnionBank) P10-billion stock rights offer (SRO), the lender said on Monday.

The PSE issued a notice of approval for the SRO on April 17, UnionBank said in a stock exchange disclosure on Monday.

The bank will list up to 450,204,078 common shares for the offering with a total transaction value of P10 billion, it said.

“The rights shares will be offered to all stockholders as of the proposed record date at an offer price per rights share representing a 15% to 25% discount based on the volume-weighted average price for 15 consecutive trading days prior to and including the relevant pricing date,” the lender added.

Proceeds from the offering will be used to infuse capital into its online banking arm UnionDigital Bank, to fund projected retail loan availments and for general corporate purposes, the bank said in an earlier filing.

UnionDigital Bank is one of the six Bangko Sentral ng Pilipinas-licensed online banks in the country, along with GoTyme Bank; Tonik Digital Bank, Inc.; Maya Bank; Overseas Filipino Bank; and UNObank.

It began operating in July 2022. The bank said it achieved profitability last year, becoming one of only two digital lenders to end 2023 in the black.

UnionBank’s board of directors approved the SRO in January. On April 2, the Securities and Exchange Commission issued a notice confirming that the bank’s offering is exempt from the registration requirements of the Securities Regulation Code.

The bank earlier proposed a price range of P33.73 to P38.23 per rights share, subject to its compliance with all applicable requirements and post-approval conditions of the PSE.

Under the indicative timetable for the offering approved by the PSE, the pricing date will be on May 2, while the ex-date is on May 8, with the record date on May 9.

The offer period will run from May 16-24, with the tentative listing date set on May 31.

UnionBank saw its attributable net income decrease by 27.78% year on year to P9.07 billion in 2023 due to one-time integration costs related to its acquisition of Citigroup, Inc.’s consumer business in the Philippines, as well as increased expenses related to the operations of UnionDigital Bank.

The bank’s P55-billion acquisition of Citi’s consumer banking arm was completed in August 2022.

UnionBank’s shares went down by 30 centavos or 0.72% to end at P41.20 apiece on Monday. — AMCS

Repower to build seawater pump hydro plant in Quezon

REPOWER Energy Development Corp. (REDC) is set to build and develop its seawater pump storage hydropower plant in Real, Quezon province, the renewable energy developer said on Monday.

This comes after the company has secured a hydropower service contract from the Energy department, the listed energy company said in a statement to the stock exchange.

“The development of a seawater pumped storage hydropower facility in Real, Quezon shall be the first of its kind in the Philippines, thus allowing the company to be a pioneering force in this particular area of clean energy,” said Eric Peter Y. Roxas, president and chief executive officer of REDC.

REDC will build a seawater pumped storage hydropower with a capacity of 320 megawatts (MW) in Quezon, while the Austria-based Gugler Water Turbines GMBH will develop the seawater pump storage generation facilities.

To recall, REDC signed a memorandum of agreement with Gugler in 2023 to bring seawater pumped storage technology into the country.

The project, which will be the first of its kind in the Philippines, will be constructed around 300 meters above sea level utilizing the coastline for continuous water supply intake.

REDC is planning to expand its installed energy capacity by one gigawatt in the next five years, with its portfolio mainly focusing on hydropower projects.

The company is a run-of-river hydropower developer, a subsidiary of Pure Energy Holdings, has 124 MW of mini-hydropower projects in Laguna, Quezon, Camarines Sur, Bukidnon, and other provinces under development.

The company is currently constructing a 4.5-MW hydropower plant in Quezon and a 20-MW plant in Bukidnon. The two facilities are anticipated to start operations by 2025. — Ashley Erika O. Jose

Federal Land eyes second Hartwood Village in 2025

Property developer Federal Land Communities (FLC) said it plans to introduce a second Hartwood Village next year within the Meadowcrest township in Biñan, Laguna.

The 48-hectare Meadowcrest township was unveiled on Monday. Meanwhile, the 11.3-hectare residential development Hartwood Village is scheduled to launch next month.

“There is going to be at the very least Hartwood 2 right after this one… It will be just across the main road,” Federal Land Inc. President and Chief Operating Officer Thomas F. Mirasol told reporters.

According to Head Project Development Group Stephen John S. Comia, the timeline depends on how quickly the majority of Hartwood will sell, and they hope to be ready for it within next year.

The allocated investment for the Meadowcrest project, which encompasses Hartwood Phase 1, Hartwood Village 2, retail, and other components, is estimated to be P5 billion, he noted.

The company has not yet started selling the 110 lots of Hartwood Village, he added.

Meadowcrest in Biñan will host residential blocks, retail shops, pedestrian lanes, parklets, and biking networks.

The township’s 15-minute community design allows proximity to Ayala Malls Solenad in Nuvali, De La Salle University – Laguna Campus, and Medical City Hospital.

It is an hour drive from major central business districts in Metro Manila through the Cavite-Laguna Expressway and South Luzon Expressway and near access to the proposed Sugar Road extension.

HARTWOOD VILLAGE PHASE I
The groundbreaking ceremony for Hartwood Village took place in January. The company expects to begin turnover of the development in 2027.

Situated in Barangay Malamig, Biñan, Hartwood Village comprises 186 lots with a density of 16 lots per hectare.

The amenities include a 1.1-hectare central park featuring a 1,200-square meter clubhouse, pool, multipurpose court, lawn, two linkages, and four pocket parks.

Federal Land’s Urban Planning and Design Group Head Gilbert M. Berba said that there would be sub-neighborhood structures consisting of five clusters, with lot counts ranging from 30 to 49.

“It’s easy to know and navigate your neighborhoods within that cluster because it’s a very controlled space yet you are a part of a bigger village,” he said.

Hartwood draws inspiration from the Danish concept “hygge,” creating space where “people can savor moments surrounded by life’s worthwhile comforts,” Federal Land said.

The Federal Land Communities brand was launched in 2023 and released the 600-hectare township Riverpark in General Trias, Cavite in January of this year.

“Ten townships will lay the groundwork for achieving Federal Land’s mission to create dynamic communities for generations to enjoy, among these is Meadowcrest,” Mr. Mirasol said. — Aubrey Rose A. Inosante

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